Research On The Blocking Effect Of Technology Potential Difference On The Completion Of Chinese Enterprises' Cross-border M&A Deals From The Perspective Of Legitimacy

Based on the legitimacy theory and from the perspective of Chinese enterprises,a theoretical model among technology potential difference,external legitimacy,M&A experience and the completion of cross-border M&A deals was established,and the blocking effect of technology potential difference on the completion of cross-border M&A deals,the mediating effect of external legitimacy between the two,as well as the moderating effect of M&A experience on the relationship between technological potential difference and the completion of cross-border M&A deals were studied.Through the empirical research,the conclusions are as follows:(1)there is a negative correlation between technology potential difference and the completion of cross-border M&A deals;(2)there is a negative correlation between technology potential difference and external legitimacy;(3)external legitimacy has a significant positive impact on the completion of cross-border M&A deals;(4)external legitimacy plays a mediating role between technology potential difference and the completion of cross-border M&A deals;(5)M&A experience has no moderating effect on the relationship between technology potential difference and external legitimacy.In addition,because the completion of cross-border M&A deals is the result of the joint action of internal and external factors of enterprises,it is limited to study only the direct effect or interaction effect.Therefore,this research further uses the qualitative comparative analysis method to study the influence mechanism of technological potential difference,M&A experience,M&A path,politically sensitive industries and the nature of enterprises on the completion of cross-border M&A deals.Five successful modes of cross-border M&A of Chinese Enterprises are obtained,which are to win with stability,risk aversion,risk hedging,to avoid risks with stability and to follow the trend.The research shows that there are different paths for Chinese enterprises to complete cross-border M&A deals.The results of this research provide theoretical support for seeking countermeasures to weaken the blocking effect of technology potential difference,improve the external legitimacy and success rate of cross-border M&A of Chinese enterprises,provide theoretical guidance for the future cross-border M&A activities of Chinese enterprises,enrich the theory of cross-border M&A from the perspective of Chinese enterprises,and have certain reference significance for other emerging market enterprises.